![]() Your budget is not set in stone, so review it every month and adjust it to fit your life as it changes. The important thing is to be realistic and create a budget you can live with. If your income is larger, consider adding more to your savings so you can reach your goals a little faster! Or look for ways to increase your income until your expenses and income are aligned. Step 3: Total your expenses and subtract it from your income – If your expenses total more than your income, go back and adjust some of your flexible and discretionary expenses. Budget worksheet – Microsoft Excel file.The worksheet is broken into fixed, flexible, and discretionary expenses to make it easier to see which expenses you can adjust. Step 2: Estimate your expenses – Make categories for each of your expenses and write down the amount you spend each month. Step 1: Add up your income – List all the money you have coming in on a regular basis, then total it. So, with that information, it’s time to create your budget: Examples: CDs, movies, or money that you save.It’s money that you choose to spend, like going to a movie, buying a video game, or even money you put in a savings account. Using coupons or choosing a less expensive brand will save on your grocery bill – you have some control over the amount you spend.ĭiscretionary Expenses – A discretionary expense is not a necessary expense. For example, rent and car payments are fixed expenses – you have to pay a set amount each month.įlexible Expenses – Flexible expenses may also occur regularly but they’re expenses where you have some control over the amount. It’s a necessary expense that occurs regularly that you can’t really control. It’s about being clear on your expenses and making smart decisions.Ī budget is a plan for managing your money so that you can pay your bills and daily expenses, save for unexpected expenses, and achieve future financial goals (like college).įixed expenses – A fixed expense is a cost that does not change from month to month. As these examples show, although discretionary spending is often a variable expense, variable expenses can be. National Youth in Transition Database – NYTDīudgeting doesn’t mean you have to give up your favorite things. Examples are groceries, gas and utilities.Supplemental Education Transition Planning Program (SETuP).Education and Training Voucher (ETV) Program. ![]() Free Application for Federal Student Aid (FAFSA). ![]()
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